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Author Topic: [ANN][MCN] Moneta Verde - CryptoNote coin with difficulty-BR (lnch at 15:00 GMT)  (Read 46538 times)
cryptomidnight
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June 15, 2014, 03:43:35 PM
 #1

Launched!






Abstract: block_reward = log2(difficulty) * 2^40(difficulty)

Details:

Deflation is a very serious problem for all cryptocoins because it prevents them from being used as payment mean. For most coins block reward decreases in time and this increases deflation rate. For PPC-derived coins (PrimeCoin etc) the problem is even worse as soon as they offer difficulty-based block reward formula that makes block reward inversly proportional to difficulty (i.e. difficulty goes up and block reward goes down). I consider both practices to be counterproductive.

Moneta Verde is the first cryptocoin with blockreward increasing together with difficulty. Why this is a good idea?

1. Money supply goes up with difficulty increase. As soon as difficulty increase usually happens due to an increased demand this will lead to money supply being dependent on demand. This way MCN will has a slower deflation rate than other coins.

2. Instamine is now useless because block reward is close to zero on low difficulty blocks. This will give us a better coins distribution.

Block reward formula is a fixed point implementation of log2(difficulty). This means that block reward increases much slower than difficulty: for 1 coin to be added to block reward a difficulty must be increased twice. This rate looks to be reasonable.

More details:

- block target - 60 seconds
- CryptoNight PoW
- difficulty retarget every block
- merged mining with Monero, QuazarCoin, Bytecoin or any other CryptoNight-based coin
- total supply: infinite

Naming:

Moneta Verde (it) means "green coin": this coin uses already existing mining resources (MM) and it's supply is regulated by mining community.

Launch date:

June 17, 2014.

Setup instruction for Windows and Mac


1) Download MonetaVerde and BCN/MRO/QCN binaries.

2) Launch BCN/MRO/QCN daemon and wait till its synchronization.

3) Start MonetaVerde's daemon. The process is very similar to BCN/MRO/QCN's: launch command line, navigate to the right folder and launch monetaverded.exe .
Use "save" command after synchronization.

4)Create MCN's address. Again it is the same process as for BCN/MRO/QCN: open another instance of command line, navigate to MonetaVerde 's folder and generate new wallet with "simplewallet".

Code:
simplewallet --generate-new-wallet=example_wallet.bin --pass=12345

Here "example_wallet.bin" is the name of the wallet (use .bin file extension) and "12345" is the password for your new wallet.

5) One more command line is needed. Navigate to MonetaVerde 's folder and launch minerc.exe using the next command:

Code:
minerc --node1=127.0.0.1:8081 --node2=127.0.0.1:24081 --wallet1=%your BCN/MRO/QCN address% --wallet2=%your MCN address%


--node1=127.0.0.1:8081 is IP and BCN's daemon port.

Use this IP and port for MRO:
--node1=127.0.0.1:18081 instead

And for QCN use this:
--node1=127.0.0.1:23081
--node2=127.0.0.1:24081 is IP and MCN's daemon port

6) PROFIT!







CryptoNight-based coins:


Bytecoin (BCN)

Quazarcoin (QCN)

Monero (XMR)

Or use this link to get information about every CN's implementations: https://forum.cryptonote.org/viewforum.php?f=6


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loewen.brad
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June 15, 2014, 03:50:42 PM
 #2

It might help to mention which algo you're using

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Shadow_Runner
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June 15, 2014, 03:57:12 PM
 #3

Again wallet with cmd interface?
Cloudpost
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June 15, 2014, 03:57:58 PM
 #4

it looks like they plan to use cryptonight algo (bytecoins/monero)

BUT why do you use "green" as coin name? Do you know there is already a green coin - Vertcoin?

cryptomidnight
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June 15, 2014, 03:58:39 PM
 #5

It might help to mention which algo you're using

Mining algo - CryptoNight (like Bytecoin and Monero).

TheCoinFinder
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June 15, 2014, 04:40:04 PM
 #6

Hashharder will provide a pool.

33zer0w0lf
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June 15, 2014, 11:38:20 PM
 #7

Extreme Pool - New and Improved!  -  Will also provide a pool for this coin

Features
•2% Fee
•Longpolling Enabled on http ports (except for BBR)
•Payouts after 60 block confirmations
•Latest pool code
•Variable Difficulty based on your individual CPU performance
•Verified Secure
•Dedicated Staff
•Exceptional Support

Extreme Pool currently offers a pool for every cryptonote coin, including Boolberry.

We are constantly working with all the communities to provide whatever services need to be provided, from testing functionality to setting up bounties!

Visit us at http://www.extremepool.org
Email us @ support@extremepool.org
Talk to us on IRC, Server Freenode, channel #extremepool

Hope to mine with you soon!

http://www.extremepool.org (BCN) (MRO) (QCN) (XDN) (BBR) (AEON) (ORION) (DSH) (CRR) (INF8)
Italian Technology
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June 15, 2014, 11:46:31 PM
 #8

Very interesting, can u give use more info? Btw nice coin name, are u Italian?
platorin
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June 16, 2014, 10:02:38 AM
 #9

There's nothing new that this coin offers, moreover you lack many information.

RepublicSpace
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June 16, 2014, 06:25:21 PM
 #10

Again wallet with cmd interface?

... and 8bit music on the back Wink
polz
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June 16, 2014, 06:37:15 PM
 #11

Need exchange to spirit this coin
RepublicSpace
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June 16, 2014, 06:49:12 PM
 #12

- merged mining with Monero, QuazarCoin, Bytecoin or any other CryptoNight-based coin

The only problem with merged mining is that it may peg the two coin's price together since the supply would be linked. But on this stage price doesn't matter that much for these ones, I think merged mining is the prefect solution.
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June 16, 2014, 07:05:43 PM
 #13

ya'll guyz have real problems with naming you new coins. there was one bytecoin already and now we have the second one. we have already one greencoin and now this one 'means "green coin" '

c'mon wheres your imagination?
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June 16, 2014, 07:07:58 PM
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There's nothing new that this coin offers, moreover you lack many information.

why? and what about ITALIAN NAME?
unexecuted
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June 16, 2014, 07:22:26 PM
 #15

I too think there could be a place for merged mining in our future, but I don't see the advantages right now. A merge would not require Verde miners to participate on the other coins' block chain, and that seems like a dealbreaker to me. All of the proposed benefits for BCN, Monero etc. go right out the window without this - some Verde miners will might be on board with dogecoin but I feel that not all of them, and that's what really matters.
NotAtOld
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June 17, 2014, 06:56:51 AM
 #16

I too think there could be a place for merged mining in our future, but I don't see the advantages right now. A merge would not require Verde miners to participate on the other coins' block chain, and that seems like a dealbreaker to me. All of the proposed benefits for BCN, Monero etc. go right out the window without this - some Verde miners will might be on board with dogecoin but I feel that not all of them, and that's what really matters.

You'd be surprised how strong a motivating factor greed is. They can't afford to not also mine other coins. If people are doing it, the difficulty will go up. They would be stupid to stick to their guns. No one dislikes BCN or Monero that much to give up half the mining revenue.
professorXY
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June 17, 2014, 07:04:56 AM
 #17

A primary feature of Bitcoin is that a payer can prove via the blockchain that a payment was sent. With all this CryptoNote shit ring signatures, how can I prove that I sent you Verde or Monero or Bytecoin or what in the event of a dispute?
professorXY
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June 17, 2014, 07:10:44 AM
 #18

Btw nice coin name, are u Italian?

What's nice in repeating already existing coin names in different languages. Btw how "green" this coin really is?
cccarnation
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June 17, 2014, 07:14:58 AM
 #19

A primary feature of Bitcoin is that a payer can prove via the blockchain that a payment was sent. With all this CryptoNote shit ring signatures, how can I prove that I sent you Verde or Monero or Bytecoin or what in the event of a dispute?

Something similar was raised for BCN as well. I'd say one practical way to overcome this is through additional avenues of trust between yourself and the party you're sending to. I can see the full anonymous coins like DRK and BCN work best when they are transacted in person, so both parties can verify each other and walk away. Someone also raised the possibility of using darksend to send to a new wallet, then transact without darksend and do the same in reverse on the other side. Not sure whether this could apply for Verde as well.
titan86
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June 17, 2014, 12:27:25 PM
 #20

A primary feature of Bitcoin is that a payer can prove via the blockchain that a payment was sent. With all this CryptoNote shit ring signatures, how can I prove that I sent you Verde or Monero or Bytecoin or what in the event of a dispute?

Something similar was raised for BCN as well. I'd say one practical way to overcome this is through additional avenues of trust between yourself and the party you're sending to. I can see the full anonymous coins like DRK and BCN work best when they are transacted in person, so both parties can verify each other and walk away. Someone also raised the possibility of using darksend to send to a new wallet, then transact without darksend and do the same in reverse on the other side. Not sure whether this could apply for Verde as well.

I hope cryptonight knowledge proofs can come in handy here.
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